Australian shares are slightly lower just after midday, with the S&P/ASX 200 down 0.2% to 8669.3, marking an eighth straight session of losses as rising oil prices and renewed concerns over the Strait of Hormuz weigh on sentiment. Brent crude climbed toward US$120 a barrel amid ongoing geopolitical tensions, raising concerns about global energy supply and inflation pressures.
In the market, Woolworths led declines after issuing a profit warning linked to higher fuel costs, dragging the consumer sector lower alongside Coles. Gold miners were also weaker, while South32 fell on higher project costs and delays. In contrast, technology stocks outperformed following strong US leads, and Mineral Resources gained after upgrading production guidance.
In other company news,
Immutep Limited reports strong cash position following licensing inflow
Immutep Limited (ASX: IMM) reported a cash, cash equivalent and term deposit position of $110.6 million at 31 March 2026, supported by a US$20 million upfront payment received under its licensing agreement with Dr. Reddy’s. Total net operating cash inflow for the quarter was $13.5 million, reflecting the contribution of the upfront payment alongside ongoing cost management initiatives.The company noted it is implementing cost reduction measures following the discontinuation of its Phase III TACTI-004 trial, including lower operating expenses and headcount adjustments, while maintaining funding visibility into the first half of 2028. Research and development expenditure totalled $11.8 million for the quarter, with the balance sheet expected to support continued clinical programs and pipeline development.
Clever Culture Systems expands global pharma footprint with FY26 placements on track
Clever Culture Systems (ASX: CC5) reported nine APAS® instrument placements year to date in FY26, with three new orders secured in the March quarter, supporting expectations to at least match FY25 placements while expanding its global customer base. The company is progressing contracts with additional top-20 pharmaceutical customers, strengthening visibility over future revenue growth. This reflects deliberate execution of the company’s strategy to engage leading global pharmaceutical customers, which establishes improved confidence in its sales outlook. The installed base increased to 30 instruments, contributing to a growing base of recurring software and maintenance revenue. The company reported a cash balance of $2.0 million at 31 March, with a further $2.6 million in committed inflows expected over the coming quarters, supporting ongoing commercial rollout and customer expansion.
TG Metals reports strong gold recoveries supporting near-term heap leach opportunity
TG Metals (ASX: TG6) reported initial metallurgical testwork delivering gold recoveries of up to 88% from laterite material at its Van Uden project, highlighting the potential for a low-cost, near-surface heap leach operation. The results demonstrate rapid leaching characteristics over a short timeframe, supporting favourable processing conditions and potential for efficient gold recovery. The company is progressing engineering and mining studies to assess development options, with a focus on low capital intensity and near-term cash flow from surface material. The laterite resource, located at or near surface, presents a potential pathway to early-stage production. The Company estimates study outcomes to be concluded in Q2 2026 and a Final Investment Decision to be made in Q3.
Red Mountain Mining secures option over US tungsten project in Montana
Red Mountain Mining (ASX: RMX) signed an exclusive option agreement over the Pioneer Tungsten Project in Montana, USA, securing exposure to a district-scale project covering approximately 2,000 hectares in a well-established mining region. Following an expected positive outcome from the 30-day option due diligence, the company anticipates that it will be able to rapidly define high-quality, relatively shallow drill targets fortesting at the Pioneer Tungsten Project.
